Prices

Even if everyone were totally charitable, we still could not build a complex economy without the price mechanism provided by markets.

The challenge from now on for OPEC and for oil producers is not to seek artificial price inflation, but to improve efficiency. 

The theory of costs is a cornerstone of economic thinking, and figures crucially in the study of human action and society. How we make choices, why we trade, and how we build institutions and social orders are all problems that can be explained in light of the costs we face.

The purpose of economic science is not to resolve all social problems, nor does it have appropriate tools for this. 

The crude oil “daisy chain” reseller boom is just one example of the absurdity of the 1970s price controls on the oil and gas sector. 

Notwithstanding its endorsement by Mises, many modern Austrians reject the notion of consumer sovereignty as an inaccurate political metaphor.

Statistics and empirical data aren't ignored by Austrians. Rather, they are relegated to their proper place in the economic edifice.

Here are two ways to gauge the strength of the world economy.

It no longer seems to be the case that a few countries can control oil prices. In other words, cartels are being even less influential in oil markets.